Q2 2019 Earnings CallAugust 6th, 2019

1

Forward Looking Statement and Non-GAAP Information

Any statements contained in this presentation other than statements of historical fact, including statements about management’s beliefs and expectations, are forward-looking statements andshould be evaluated as such. These statements are made on the basis of management’s views and assumptions regarding future events and business performance. Words such as “estimate,”“believe,” “forecast,” “anticipate,” “expect,” “intend,” “plan,” “target,” “project,” “should,” “may,” “will” and similar expressions are intended to identify forward-looking statements. Forward-looking statements (including oral representations) involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressedor implied by such statements. These risks and uncertainties include, but are not limited to: our ability to successfully realize the expected benefits of our restructuring program; liabilities arisingfrom faulty services or products that could result in significant professional or product liability, warranty, or other claims; our ability to successfully integrate acquired businesses and realize thesynergies from acquisitions, as well as a number of factors related to our business including economic and financial market conditions generally and economic conditions in CECO’s service areas;dependence on fixed price contracts and the risks associated therewith, including actual costs exceeding estimates and method of accounting for contract revenue; fluctuations in operating resultsfrom period to period due to cyclicality or seasonality of the business; the effect of growth on CECO’s infrastructure, resources, and existing sales; the ability to expand operations in both new andexisting markets; the potential for contract delay or cancellation; changes in or developments with respect to any litigation or investigation; failure to meet timely completion or performancestandards that could result in higher cost and reduced profits or, in some cases, losses on projects; the potential for fluctuations in prices for manufactured components and raw materials; thesubstantial amount of debt incurred in connection with our acquisitions and our ability to repay or refinance it or incur additional debt in the future; the impact of federal, state or local governmentregulations; economic and political conditions generally; and the effect of competition in the energy, environmental and fluid handling and filtration industries. These and other risks anduncertainties are discussed in more detail in CECO’s filings with the Securities and Exchange Commission, including our reports on Form 10-K and Form 10-Q. Many of these risks are beyondmanagement’s ability to control or predict. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects fromthose currently anticipated. Investors are cautioned not to place undue reliance on such forward-looking statements as they speak only to our views as of the date the statement is made. Allforward-looking statements attributable to CECO or persons acting on behalf of CECO are expressly qualified in their entirety by the cautionary statements and risk factors contained in thispresentation and CECO’s respective filings with the Securities and Exchange Commission. Furthermore, forward-looking statements speak only as of the date they are made. Except as requiredunder the federal securities laws or the rules and regulations of the Securities and Exchange Commission, CECO undertakes no obligation to update or review any forward-looking statements,whether as a result of new information, future events or otherwise.

While CECO reports its results in accordance with generally accepted accounting principles in the U.S. (GAAP), comments made during this conference call and these materials may include thefollowing "non-GAAP" financial measures; non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, adjusted EBITDA, adjusted free cash flow, adjusted net free cash flow, non-GAAP gross profit margin; non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA margin and selected measures expressed on a constant currency basis.These measures are included to provide additional useful information regarding CECO’s financial results and are not a substitute for their comparable GAAP measures. Explanations of these non-GAAP measures and reconciliations of these non-GAAP measures to their directly comparable GAAP measures are included in the accompanying "Supplementary Non-GAAP Financial Measures."Descriptions of many of these non-GAAP measures are also included in CECO’s SEC reports.

2

Executing 4-3-3 operating strategy and on track to deliver on 2021 targets

3 Compelling End Markets4 Value Creation Enablers 3 Core Growth Platforms

Nimble & ResponsiveOrganization

Low Carbon Economy Tightening Emissions

Solutions OrientedApplication Development

Acknowledged as the “Go-To Resource” for sustainable solutions

3

Solid execution dampened by softer revenue on customer driven delays

(a) Organic excludes Divestitures. Orders on Gross basis

(b) Unless otherwise noted, financials on a Reported basis

(a)

4

(a)

• $103 organic orders in Q2 +4% Y/Y with strong book to bill of 1.26x

• $81 Revenue in the Quarter up +2% Y/Y but down (6)% sequentially

• Gross Margins maintained at 33%; (0.5)pts Y/Y and flat sequentially with good AM/OE mix

• $6.0 Adjusted EBITDA down (13)% Y/Y on sales, marketing, and innovation investments

• Generated modest $2 of Free Cash Flow and refinanced debt

Responding to a low carbon economy with solutions for a cleaner, safer world

Fluid HandlingEnergy Industrial

• Separators• FCC Cyclones• Gas Turbine Exhaust

Systems

• De-NOx • Silencers• Dampers• Expansion Joints

• Dust Collectors• Cyclones• Thermal Oxidizers

• High-Temperature Pumps• Fiberglass Pumps• Filtration Systems

• Scrubbers• VOC Concentrators• Ventilation Systems

CECO Solutions:

Eliminate Particulate

IncreaseProductivity

Abate Noise Pollution

CleanAir

Recover Catalyst

Process Water

Reduce Emissions

5

CECO creates unique value for customers and significant benefits for the environment

6

• ~1.5MM lbs of solvents p.a. • ~0.5MM lbs of VOC’s p.a. • ~300 MM gal of chemicals p.a.

Carbon Fiber Manufacturing Bakery Chemical Processing

Systems controls, ducting, & dampers to reduce emissions

• Reduced service downtime

RTO and ducting system for clean air

(a) SCR: Selective Catalytic Recovery(b) RTO: Regenerative Thermal Oxidizer

Filtration equipment for coal to chemical process

• Application expertise & fit-for-purpose tech • Efficient process yield

CECO Value Proposition Environmental Benefits

Markets remain strong and generally healthy as sales pipeline continues to grow

Refinery

Power Gen: Natural Gas

Power Gen: Solid Fuel

Industrial Solutions‘19 Outlook

(a) 2018 Revenue Mix excludes divestitures(b) Y/Y Comparisons excludes Divestitures

Q2 Orders: $14 | (15)%TTM Orders: $57 | 2%

FCC Cyclones

Noise Attenuation & NoX Emissions

Dust CollectorsVentilation

Fume ExhaustCyclones

Pumps

Dampers & Expansion Joints

2018 Revenue Mix

Q2 Orders: $14 | (46)%TTM Orders: $68 | (5)%

Q2 Orders: $5 | (4)%TTM Orders: $16 | (7)%

Q2 Orders: $20 | (6)%TTM Orders: $92 | +9%

Q2 Orders: $10 | (9)%TTM Orders: $41 | (7)%

Midstream O&G

Gas & Water Separation

Q2 Orders: $41 | +99%TTM Orders: $95 | +48%

Industrial: Fluid Handling

‘19 Outlook

‘19 Outlook

‘19 Outlook

‘19 Outlook

‘19 Outlook

Fluid HandlingSolutions

($MM)

26%

17%15%

23%

15%4%

EnergySolutions

IndustrialSolutions

ScrubbersOxidizers

Mist EliminationSeparation

7

Q2 2019 Financials

8

Organic orders above $100 million while revenue moderates on customer delays

• Energy Orders up +30% sequentially and +9% Y/Y as midstream O&G markets continue to grow

• Industrial Orders down (6)% Y/Y on timing of customer project awards… YTD +18% and pipeline remains robust

• Fluid Orders down (9)% Y/Y driven by softness in Auto & Aquaculture markets and near-term production constraints

• Overall Revenue flat Y/Y and down (6)% sequentially on project timing and customer milestones

(a) Orders on a Gross Reported basis, excludes cancellations(b) Segment Eliminations excluded from graph(c) 2018 Orders and Revenue include CECO Filters re-org from Fluids to Industrials noted in 10Q

Orders Revenue(a) (b)

($MM)

Organic: $99.1 $97.1 $72.8 $97.3 Organic: $79.9 $86.7 $93.9 $86.0

Reported:

Reported:

9

$103.0 $81.2

67.0 63.3

44.5 55.6

73.1

1.3 0.4

1.7

21.3 23.2

17.4

31.5

20.0

10.9 10.5

10.9

10.2 9.9

$100.4 $97.5

$74.5

$97.3 $103.0

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

Energy Zhongli Industrial Fluids

49.9 55.0 63.5

55.2 50.6

1.2 1.6

19.5 21.9

20.9

18.9 20.1

10.6 9.8

9.5

12.0 10.5

$81.1 $88.3

$93.9

$86.0 $81.2

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

Energy Zhongli Industrial Fluids

(a) Current & Historic Backlog/Revenue/Gross excludes divestitures (i.e. Organic)(b) Starting Backlog – Revenue + Gross Orders – Cancellations +/- FX = Ending Backlog. FX typically +/- ~$1-3 per quarter.

• Added $18 to organic backlog year over year up +9%

• Strong Book to Bill in Q2 and 1.1x over trailing twelve months basis

• ~$7 Power Gen SCR project cancelled; removed from backlog

$191.0 $204.0

$182.1 $193.8

$208.8

$99.1 $97.1

$72.8

$97.3$103.0

$79.9 $86.7

$93.9

$86.0 $81.2

$-

$50.0

$100.0

$150.0

$200.0

$250.0

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

($MM)

Book/Bill 1.131.19 1.12

Robust and healthy backlog suggests improving revenue development ahead

0.78

Organic Backlog Organic Revenue Organic Gross Orders

10

1.26

Customer delays drove volume lower in Q2 impacting profit measures

$27.2 $28.7

$29.8 $28.4

$26.8

33.5% 32.5% 31.7% 33.0% 33.0%

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

10%

20%

30%

40%

50%

60%

Non-GAAP Gross Profit Non-GAAP Operating Income Adjusted EBITDA

• Sluggish revenue driven by customer requested delays on Refinery and Power Generation projects

• GM% remains at healthy 33% and in line with historical averages

• Non-GAAP OI and EBITDA down Y/Y and sequentially on volume and selling & innovation investments

($MM)

(a) Reported Basis

$5.2

$6.5

$8.4 $7.2

$4.4

6.4%7.4%

8.9% 8.4%

5.4%

$-

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

$6.9

$8.4

$10.0

$8.5

$6.0

8.5%9.5%

10.6% 10.0%

7.4%

$-

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

11

Q2’19 results below expectations on customer delays… anticipate 2H ramp up($MM)

(a) Organic excludes Divestitures from Current & Prior periods

(b) Tax rate based on effective statutory tax rate

(a)

12

• Orders improved on solid Midstream O&G customer wins

• Organic Revenue grew modestly Y/Y at ~2% on growing backlog

• GAAP OI (23)% or $(0.6) primarily on AM/OE product mix, investment spend, and restructuring

• GAAP EPS favorable on $4.4 benefit associated with retroactive Zhongli/HongKong tax strategy

• GM% remains at a healthy 33% and in line with CECO expectation

• Non-GAAP OI $(0.8) and Adj. EBITDA $(0.9) Y/Y primarily on lower GM% and investment spend

• Non-GAAP EPS +60% Y/Y primarily on favorable interest & tax expense… TY’19 Non-GAAP ETR at ~25%

12.5% 12.2%

6.6%

11.3%9.8%

4.0%

0.4%

2.8%

2.3%2.9%

16.5%

12.6%

9.4%

13.6%12.7%

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

Free Cash Flow conversion

• Cash Flow from Ops was $2.5 offset with $(0.8) in CAPEX spend

• 28% FCF/EBITDA conversion in Q2 a modest improvement

(a)

$8.5

$(6.7)

$17.1

$(14.2)

$1.7

66%

48%

71%

14%

-7%

-100%

-50%

0%

50%

100%

$(17.0)

$(12.0)

$(7.0)

$(2.0)

$3.0

$8.0

$13.0

$18.0

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

Adjusted FCF TTM FCF/EBITDA %

Positive cash flow in Q2 with big push in second half to meet targets($MM)

(a) Adjusted Free Cash Flow = Cash Flow From Operations less Earnouts classified as Operating Cash Flow less CAPEX spend(b) W/C includes: Trade AR, Trade AP, Inventory and Cost/Billings of on TTM Revenue; Reported Basis

Trade Working Capital (b)

• Modestly reduced Working Capital by $4 sequentially

• Strong AR collections were partially offset with increased Project WIP

AR, AP, Inventory Project WIP (CIE/BIE)

$49 $40 $32 $48$ -

% -

13

$44

Debt Reduction History Strengthened Balance Sheet

• $190 million Credit Refinancing provides ample capacity for Growth; ~$70 available capacity

• New facility provides ~50bps lower margin on Interest Expense, preferred covenants, and fewer restrictions

• Cash on hand split 30% North America and 70% International

($MM)

$170 $170 $167 $164$151

$135 $125 $121 $117 $116 $114$86 $83 $81 $76 $76

$50

$24 $19$8 $6

$27

$194 $189$175 $170

$151

$135$125 $121 $117 $118 $115

$87 $83 $81 $76 $76 $77

Term Revolver

PeerlessAcquisition

14

New credit facility at lower cost and greater flexibility… rebalances Term & Revolver

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

Term Debt 83.1$ 81.1$ 76.1$ 76.1$ 50.0$

Revolver - - - - 27.0

Total Debt 83.1$ 81.1$ 76.1$ 76.1$ 77.0$

Cash 35.9$ 31.5$ 43.7$ 29.0$ 28.8$

Bank Defined Leverage Ratio 2.8x 2.6x 2.2x 2.0x 1.9x

Total Net Debt/TTM Adj. EBITDA 1.6x 1.6x 0.9x 1.3x 1.3x

(a)

(a) Q2’18 through Q1’19 represent prior credit agreement definition; Q2’19 based on new credit agreement definitionc

Growing backlog plus investments support achievement of 2021 targets

15

65-85%

(a) Global GDP growth and management estimates

(b) Organic excludes Divestitures from both 2018 and Prior Year Results

(c) Reported Basis

(d) ROTC defined as Non-GAAP NOPAT / (Working Capital – Cash + net PP&E); reference appendix

• Asset light model

• Working capital management

Consistently convert EBITDA to Cash

2021Target

+4-7%

FCF/EBITDA• Low Asset Intensity %

• Greater value = margins

Superior Return on Tangible Capital(c) / (d)

2021Target

Q2’19TTM

44.1%

ROTC%

• Customer value => GM%

• SG&A op leverage

• Complexity cost out

Expand EBITDA margins

2021Target

Q2’19

7.4%

EBITDA%• Outside-In leadership

• OE and Aftermarket focus

• Innovations with value

Grow Revenue organically 2X market(a) / (b)

YoY Growth% (TTM)

2021Target

10%

Revenue

21%

12-14%

>50%

Orders

TTM %

TTM 9.4%

(c)

(c)

(7)%

Q2’19

28%

CECO well positioned to take advantage of growing markets

16

• Growing reputation as the “Go To Resource” for air quality

• Markets are large and growing, activity remains strong, and team focused

• Innovation investments gaining traction for strong future growth

• Simplification actions driving speed of execution

• Targeted M&A to compound returns and advance our environmental mission

On track to deliver 2021 targets

Supplemental Materials

Non-GAAP Reconciliation

17

Non-GAAP Gross Profit and Margin

18

(dollars in millions) Annual Annual Annual Annual Annual Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 YTD

2012 2013 2014 2015 2016 2017 2018 2018 2018 2018 2018 2019 2019 2019 TTM

Gross profit as reported in accordance with GAAP 42.4$ 61.6$ 84.8$ 109.2$ 134.9$ 113.2$ 25.9$ 27.2$ 28.7$ 29.8$ 111.5$ 28.4$ 26.8$ 55.2$ 113.7$

Gross profit margin in accordance with GAAP 31.4% 31.2% 32.2% 29.7% 32.4% 32.8% 34.9% 33.5% 32.5% 31.7% 33.1% 33.0% 33.0% 33.0% 32.5%

Legacy design repairs -$ -$ -$ -$ -$ 2.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Inventory valuation adjustment -$ 1.1$ -$ 0.5$ 0.1$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Plant, property and equipment valuation adjustment -$ 0.2$ 0.6$ 0.6$ 0.6$ 0.6$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Non-GAAP gross profit 42.4$ 62.9$ 85.4$ 110.3$ 135.6$ 115.8$ 25.9$ 27.2$ 28.7$ 29.8$ 111.5$ 28.4$ 26.8$ 55.2$ 113.7$

Non- GAAP Gross profit margin 31.4% 31.9% 32.4% 30.0% 32.5% 33.6% 34.9% 33.5% 32.5% 31.7% 33.1% 33.0% 33.0% 33.0% 32.5%

Non-GAAP Operating Income and Margin

19

(dollars in millions) Annual Annual Annual Annual Annual Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 YTD

2012 2013 2014 2015 2016 2017 2018 2018 2018 2018 2018 2019 2019 2019 TTM

Operating income as reported in accordance with GAAP 16.7$ 7.0$ 21.7$ 4.9$ (25.4)$ 8.0$ 12.1$ 2.6$ (10.4)$ 5.7$ 10.0$ 4.9$ 2.0$ 6.9$ 2.8$

Operating margin in accordance with GAAP 12.4% 3.5% 8.2% 1.3% -6.1% 2.3% 16.3% 3.2% -11.8% 6.1% 3.0% 5.7% 2.5% 4.1% 0.8%

Legacy design repairs -$ -$ -$ -$ -$ 2.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Inventory valuation adjustment -$ 1.1$ -$ 0.5$ 0.1$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Plant, property and equipment valuation adjustment -$ 0.2$ 0.6$ 0.6$ 0.6$ 0.6$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Gain on insurance settlement -$ -$ -$ -$ (1.0)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Acquisition and integration expenses -$ 7.2$ 1.3$ 7.9$ 0.5$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Amortization -$ 4.7$ 7.6$ 12.3$ 13.9$ 11.5$ 2.6$ 2.5$ 2.3$ 2.3$ 9.7$ 2.2$ 2.2$ 4.4$ 9.3$

Earn-out expenses -$ 2.1$ 2.5$ 13.3$ 6.3$ (4.4)$ 0.3$ -$ (0.3)$ -$ -$ -$ -$ -$ (0.3)$

Intangible asset impairment -$ -$ -$ 3.3$ 57.9$ 7.2$ -$ -$ -$ -$ -$ -$ -$ -$ -$

(Gain) Loss on divestitures, net of selling costs -$ -$ -$ -$ -$ -$ (11.2)$ 0.1$ 15.1$ 0.4$ 4.4$ 0.1$ -$ 0.1$ 15.7$

Restructuring expense (income) -$ -$ -$ -$ -$ 1.9$ 0.2$ -$ (0.2)$ -$ -$ -$ 0.2$ 0.2$ (0.2)$

Executive transition expenses -$ -$ -$ -$ -$ 1.3$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Facility exit expenses -$ -$ -$ -$ -$ 0.2$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Legal reserves -$ 3.5$ 0.3$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Non-GAAP operating income 16.7$ 25.8$ 34.0$ 42.8$ 52.9$ 28.3$ 4.0$ 5.2$ 6.5$ 8.4$ 24.1$ 7.2$ 4.4$ 11.6$ 27.3$

Non-GAAP Operating margin 12.4% 13.1% 12.9% 11.6% 12.7% 8.2% 5.4% 6.4% 7.4% 8.9% 7.1% 8.4% 5.4% 6.9% 7.8%

Non-GAAP Net Income, Adjusted EBITDA and Margin

20

(dollars in millions) Annual Annual Annual Annual Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 YTD

2013 2014 2015 2016 2017 2018 2018 2018 2018 2018 2019 2019 2019 TTM

Net income as reported in accordance with GAAP 6.6$ 13.1$ (5.6)$ (38.2)$ (3.0)$ 5.8$ (0.9)$ (12.9)$ 0.9$ (7.1)$ 1.9$ 5.5$ 7.4$ (4.6)$

Legacy design repairs -$ -$ -$ -$ 2.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Inventory valuation adjustment 1.1$ -$ 0.5$ 0.1$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Plant, property and equipment valuation adjustment 0.2$ 0.6$ 0.6$ 0.6$ 0.6$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Gain on insurance settlement -$ (1.0)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Acquisition and integration expenses 7.2$ 1.3$ 7.9$ 0.5$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Amortization 4.7$ 7.6$ 12.3$ 13.9$ 11.5$ 2.6$ 2.5$ 2.3$ 2.3$ 9.7$ 2.2$ 2.2$ 4.4$ 9.0$

Earn-out expenses 2.1$ 2.5$ 13.3$ 6.3$ (4.4)$ 0.3$ -$ (0.3)$ -$ -$ -$ -$ -$ (0.3)$

Intangible asset impairment -$ -$ 3.3$ 57.9$ 7.2$ -$ -$ -$ -$ -$ -$ -$ -$ -$

(Gain) Loss on divestitures, net of selling costs -$ -$ -$ -$ -$ (11.2)$ 0.1$ 15.1$ 0.4$ 4.4$ 0.1$ -$ 0.1$ 15.6$

Restructuring expense (income) -$ -$ -$ -$ 1.9$ 0.2$ -$ (0.2)$ -$ -$ -$ 0.2$ 0.2$ -$

Executive transition expenses -$ -$ -$ -$ 1.3$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Facility exit expenses -$ -$ -$ -$ 0.2$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Legal reserves 3.5$ 0.3$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Deferred financing fee adjustment -$ -$ 0.3$ -$ -$ -$ -$ -$ -$ -$ -$ 0.4$ 0.4$ 0.4$

Foreign currency remeasurement (1.1)$ 2.9$ 2.5$ 0.8$ (2.1)$ (0.2)$ 1.0$ -$ -$ 0.8$ 0.6$ (0.3)$ 0.3$ 0.3$

Tax benefit of expenses (4.6)$ (3.7)$ (7.1)$ (7.4)$ (5.7)$ 4.4$ (0.9)$ (0.5)$ (0.6)$ 2.4$ (0.7)$ (5.0)$ (5.7)$ (6.8)$

Non-GAAP net income 19.7$ 24.6$ 28.0$ 33.5$ 9.5$ 1.9$ 1.8$ 3.6$ 3.0$ 10.3$ 4.1$ 3.0$ 7.1$ 13.7$

Depreciation 1.6$ 3.1$ 3.5$ 4.5$ 3.9$ 0.8$ 0.9$ 1.0$ 0.8$ 3.5$ 0.6$ 0.6$ 1.2$ 3.0$

Non-cash stock compensation 1.1$ 1.7$ 1.9$ 2.3$ 2.3$ 0.6$ 0.8$ 0.9$ 0.8$ 3.1$ 0.8$ 1.0$ 1.8$ 3.5$

Other (income)/expense 0.1$ (0.6)$ (0.4)$ (1.1)$ 2.0$ 0.6$ (0.6)$ (0.6)$ 0.2$ (0.4)$ -$ (0.5)$ (0.5)$ (0.9)$

Gain on insurance settlement -$ -$ -$ 1.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Interest expense 1.5$ 3.1$ 5.7$ 7.7$ 6.7$ 1.9$ 1.8$ 1.7$ 1.7$ 7.1$ 1.5$ 1.1$ 2.6$ 6.0$

Income tax expense 4.5$ 6.8$ 9.7$ 12.7$ 10.1$ (0.3)$ 2.2$ 1.8$ 3.5$ 7.2$ 1.5$ 0.8$ 2.3$ 7.6$

Adjusted EBITDA 28.5$ 38.7$ 48.4$ 60.6$ 34.5$ 5.5$ 6.9$ 8.4$ 10.0$ 30.8$ 8.5$ 6.0$ 14.5$ 32.9$

Adjusted EBITDA margin 14.4% 14.7% 13.2% 14.5% 10.0% 7.4% 8.5% 9.5% 10.6% 9.1% 9.9% 7.4% 8.7% 9.4%

Basic Shares Outstanding 20,116,991 25,750,972 28,791,662 33,979,549 34,445,256 34,592,803 34,669,810 34,779,125 34,812,714 34,714,395 34,835,550 34,923,587 34,879,811 34,774,300

Diluted Shares Outstanding 20,719,951 26,196,901 28,791,662 33,979,549 34,697,744 34,641,390 34,785,726 34,779,125 35,298,212 34,988,461 35,360,042 35,582,727 35,471,628 35,055,776

Earnings (loss) per share:

Basic 0.33$ 0.51$ (0.19)$ (1.12)$ (0.09)$ 0.17$ (0.03)$ (0.37)$ 0.03$ (0.20)$ 0.05$ 0.16$ 0.21$ (0.32)$

Diluted 0.32$ 0.50$ (0.19)$ (1.12)$ (0.09)$ 0.17$ (0.03)$ (0.37)$ 0.03$ (0.20)$ 0.05$ 0.15$ 0.21$ (0.32)$

Non-GAAP earnings per share:

Basic 0.98$ 0.95$ 0.97$ 0.99$ 0.28$ 0.05$ 0.05$ 0.10$ 0.09$ 0.30$ 0.12$ 0.09$ 0.20$ 0.36$

Diluted 0.95$ 0.94$ 0.97$ 0.99$ 0.27$ 0.05$ 0.05$ 0.10$ 0.08$ 0.29$ 0.12$ 0.08$ 0.20$ 0.35$

Return on Tangible Capital

(a) Net Tangible Capital = (Currents Assets – Cash + PP&E) – (Current Liabilities less Current Debt)(b) TTM ROTC % = NOPAT / (Current Quarter End Net Tangible Capital + Prior Year Quarter End Net Tangible Capital)/2)

21

(dollars in millions) 4Q 1Q 2Q 3Q 4Q 1Q Q2

2017 2018 2018 2018 2018 2019 2019

Non-GAAP Operating Income 3.5 4.0 5.2 6.5 8.4 7.2 4.4

Other non-cash adjustments, not in Non-GAAP:

Add: Non-cash stock compensation 0.5 0.6 0.8 0.9 0.8 0.8 1.0

Adjusted Non-GAAP Operating Income 4.0 4.6 6.0 7.4 9.2 8.0 5.4

Cash Operating Taxes (assumed 27% rate) -0.9 -1.1 -1.4 -1.8 -2.3 -1.9 -1.2

Net Operating Profit After Taxes (NOPAT) 3.1 3.5 4.6 5.6 6.9 6.1 4.2

TTM NOPAT 23.1 18.7 15.7 16.8 20.6 23.2 22.8

Net Tangible Capital 70.3 62.8 58.1 50.4 34.8 43.9 45.3

TTM ROTC 36.8% 31.0% 25.4% 27.0% 39.2% 43.5% 44.1%

Organic Revenue

22

(dollars in millions) Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 YTD

2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2019 2019 2019 TTM

Revenue as reported in accordance with GAAP 92.7$ 93.9$ 85.0$ 73.5$ 345.1$ 74.1$ 81.1$ 88.2$ 93.9$ 337.3$ 86.0$ 81.2$ 167.2$ 349.3$

Less revenue attributable to divestitures (6.7)$ (8.9)$ (10.5)$ (8.5)$ (34.6)$ (6.5)$ (1.2)$ (1.6)$ -$ (9.3)$ -$ -$ -$ (1.6)$

Organic revenue 86.0$ 85.0$ 74.5$ 65.0$ 310.5$ 67.6$ 79.9$ 86.6$ 93.9$ 328.0$ 86.0$ 81.2$ 167.2$ 347.7$